Thames Water Utilities Ltd., the largest water and sewage provider in the UK, has unveiled a plan to raise up to £3 billion ($3.9 billion) from its creditors. The objective of this move is to secure additional time and avoid entering special administration in early 2022.

The company is seeking an agreement to borrow more funds and extend existing debt that is due to mature in the upcoming year. Furthermore, Thames Water intends to tap into its cash reserves to ensure it has enough operating capital until the end of December.